Company Registration No. 04454193 (England and Wales)
PATEL'S CHEMIST LIMITED
Unaudited accounts
for the year ended 31 December 2024
PATEL'S CHEMIST LIMITED
Statement of financial position
as at 31 December 2024
Tangible assets
199,772
234,453
Debtors
1,240,301
1,025,441
Cash at bank and in hand
538,941
477,555
Creditors: amounts falling due within one year
(1,230,310)
(771,472)
Net current assets
568,202
750,794
Net assets
767,974
985,247
Called up share capital
100
100
Profit and loss account
767,874
985,147
Shareholders' funds
767,974
985,247
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by
Mr A Khan
Director
Company Registration No. 04454193
PATEL'S CHEMIST LIMITED
Notes to the Accounts
for the year ended 31 December 2024
PATEL'S CHEMIST LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04454193. The registered office is 33 WERNETH HALL ROAD, OLDHAM, LANCASHIRE, OL8 4BB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% straight line
Motor vehicles
15% straight line
Fixtures & fittings
15% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
PATEL'S CHEMIST LIMITED
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Total
At 31 December 2024
380,375
Charge for the year
44,676
At 31 December 2024
180,603
At 31 December 2024
199,772
At 31 December 2023
234,453
5
Average number of employees
During the year the average number of employees was 18 (2023: 13).